Ireland News

Best Affirms Greenlight Re and Affiliates Ratings; Outlook Stable

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit rating (ICR) of “a” of Greenlight Reinsurance, Ltd., as well as the FSR of ‘A-’ (Excellent) and ICR of “a-” of Greenlight Re’s affiliate, …

Best Affirms ACE Limited, No. Am. P&C Affiliates ‘A+’ Ratings

A.M. Best Co. has affirmed the financial strength ratings (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa” of the North America property/casualty subsidiaries of ACE Limited, which is based in Zurich, as well as its ratings for …

EU Insurers Still Coming to Terms with Solvency II as Start Date Nears

“Over the next 18 months it’s estimated that Ireland will spend 100 million euros (app. $125 million) on preparations for Solvency II (SII),” said Garvan O’Neill, a partner in PricewaterhouseCoopers’ financial services practice, who headed a panel discussion on the …

Traynor Joins Greenlight Re Ireland to Build UK, Europe Expansion

Greenlight Reinsurance Ireland, Ltd., a subsidiary of Cayman Islands-based Greenlight Capital Re, Ltd., a specialist property and casualty reinsurer, announced that Caryl J. Traynor officially joined the company on June 1, 2012, serving in the role of General Manager and …

Irish ‘Yes’ Vote Assures Continued Support; Euro Zone Crisis Still Weighs

Ireland held a referendum on Thursday, May 31 – a straight yes or no vote on whether the country would write the “Stability Treaty,” the austerity measures agreed to last fall by the 17 euro zone countries, into law. It …

How Relevant Is Insurance? Asks XL CEO McGavick

XL Group CEO Mike McGavick asked a provocative question in a keynote speech at the European Insurance Forum in Dublin last week. How relevant is the insurance industry in today’s globalized world? “The [percentage of] value insurance adds to the …

Bondholder Group Sees Over $131.8 Trillion Greek Default Risk

A disorderly Greek default would probably leave Italy and Spain needing outside help to stop contagion spreading and cause more than €1 trillion ($1.318 trillion) of damage to the euro zone, the group representing Athens’ bondholders warned. Greek private creditors …

Gorman Joins DUAL Ireland Team as Financial Lines Underwriter

Specialist underwriting agency DUAL Ireland has expanded its Dublin-based team with the appointment of Martha Gorman as Development Underwriter for financial lines. She joins DUAL from Marsh where she was a commercial broker focusing on financial lines. DUAL said the …

JLT Subsidiary Acquires Irish Broker FBD Insurance

JLT Insurance Brokers (Ireland) Ltd, a wholly owned subsidiary of the Jardine Lloyd Thompson Group plc, has acquired FBD Insurance Brokers Ltd, which is based in Ireland, from FBD Holdings plc.  The bulletin also noted that as “part of this …

Best Reports on Bermuda’s Challenges; Torus’ O’Donohoe Comments on Diminished Role

A special report from A.M. Best highlights the “challenging conditions” facing Bermuda’s insurance and reinsurance market, despite what Best described as “resilient financial results despite challenging conditions that include heavy catastrophe losses.” As of Sept. 30, 2011 the Bermuda/insurance market …